[Asia Economy Reporter Hyungsoo Park] Zoom Internet is showing strong gains day after day following news of establishing a tech-fin joint venture with KB Securities.
As of 9:24 AM on the 23rd, Zoom Internet is trading at 5,580 KRW, up 20.0% from the previous day.
On the 21st, Zoom Internet disclosed through the Financial Supervisory Service's electronic disclosure system that it acquired 510,000 shares of Project Vanilla, worth 2.55 billion KRW. Zoom Internet holds a 51% stake in Project Vanilla. Project Vanilla is a joint venture company planned to be established for KB Securities and tech-fin business entry.
According to related industry sources, Zoom Internet has started developing a customized stock trading app for the fintech business with KB Securities. The plan is to combine Zoom Internet's search and AI technologies and big data with KB Securities' expertise in the financial market to launch a personalized mobile trading system (MTS) for individual investors. The targeted app model is the U.S. 'Robinhood,' which attracted 13 million users as of June by offering commission-free trading and a user-friendly interface.
Expectations that a "Korean-style Robinhood" could be born?combining Eastsoft's strong security (Alyac) and AI technology, Zoom Internet's big data technology and operational know-how with its consolidated customer base, and KB Securities' reliability and financial expertise?appear to be influencing Zoom Internet's stock price.
Zoom.com is the fourth largest portal site in Korea, following Naver, Google, and Kakao. Over the past decade, Zoom Internet has accumulated top-level technologies in big data mining, big data distributed and real-time analysis, and artificial intelligence (AI) through its portal business.
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